Time to reform faltering WTO: US Senators

Two top American Senators on Thursday called for immediate reform of the World Trade Organisation (WTO), alleging that the global trade body has failed to meet its mandate as result of which its credibility and effectiveness is eroding fast.

"With the World Trade Organization Public Forum underway in Geneva, it is time for members to confront and address the problems that are eroding the WTO's credibility and effectiveness. These are problems that, if left unresolved, will endanger the WTO's future relevance," Senate Finance Committee Chairman Chuck Grassley and Ranking Member Ron Wyden said.

In an op-ed, the two powerful Senators said that while the WTO was intended to be a forum for multilateral trade negotiations, it has proven difficult to come to agreements that give a fair shot to all nations, not just wealthier countries that can subsidize their industries.

In addition, some WTO members that have advanced economies are claiming "developing country status" in order to avoid ...